<SUBMISSION>
<ACCESSION-NUMBER>0001206774-09-001261
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081231
<FILING-DATE>20090629
<DATE-OF-FILING-DATE-CHANGE>20090629
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ENTERPRISE FINANCIAL SERVICES CORP
<CIK>0001025835
<ASSIGNED-SIC>6022
<IRS-NUMBER>431706259
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>001-15373
<FILM-NUMBER>09916473
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>150 NORTH MERAMEC
<STREET2>150 NORTH MERAMEC
<CITY>CLAYTON
<STATE>MO
<ZIP>63105
<PHONE>3147255500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>150 NORTH MERAMEC
<STREET2>150 NORTH MERAMEC
<CITY>CLAYTON
<STATE>MO
<ZIP>63105
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ENTERBANK HOLDINGS INC
<DATE-CHANGED>19961024
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>enterprise_11k.htm
<DESCRIPTION>ANNUAL REPORT OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS
<TEXT>

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<P align=center><FONT face=serif size=2>As filed with the Securities and
Exchange Commission on June 29, 2009</FONT></P>
<P align=center><B><FONT face=serif size=4>UNITED STATES<BR></FONT></B><B><FONT face=serif size=4>SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT face=serif><BR>Washington, D.C. 20549<BR></FONT></B><FONT face=serif size=2>________________</FONT></P>
<P align=center><B><FONT face=serif size=5>FORM 11-K</FONT></B></P>
<P align=center><STRONG><FONT face=Wingdings size=2>x</FONT><FONT face=serif size=2> ANNUAL REPORT PURSUANT TO SECTION 15(d) OF<BR></FONT></STRONG><B><FONT face=serif size=2>THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>
<P align=center><B><FONT face=serif size=2>For the fiscal year
ended<BR></FONT></B><B><FONT face=serif size=2>December 31,
2008<BR><BR></FONT></B><B><FONT face=serif size=2>or</FONT></B></P>
<P align=center><STRONG><FONT face=Wingdings size=2>o</FONT><FONT face=serif size=2> TRANSITION REPORT PURSUANT TO SECTION 15(d)<BR></FONT></STRONG><B><FONT face=serif size=2>OF THE SECURITIES EXCHANGE ACT OF 1933</FONT></B></P>
<P align=center><B><FONT face=serif size=2>For the transition period
from</FONT></B><FONT face=serif size=2> _________ </FONT><FONT face=serif size=2><STRONG>to </STRONG>_________</FONT></P>
<P align=center><FONT face=serif size=2>________________<BR><BR></FONT><B><FONT face=serif size=2>Commission File<BR></FONT></B><B><FONT face=serif size=2>No.
001-15373<BR></FONT></B><FONT face=serif size=2>________________</FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD vAlign=top width="1%"><STRONG><FONT size=2>A.</FONT></STRONG></TD>
    <TD vAlign=top width="1%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD vAlign=top width="97%"><STRONG><FONT size=2>Full title of the plan and
      the address of the plan, if different from that of the issuer named
      below:</FONT></STRONG></TD></TR></TABLE></DIV>
<P align=center><B><FONT face=serif size=2>EFSC INCENTIVE SAVINGS
PLAN</FONT></B></P>
<P align=center><FONT face=serif size=2>________________ </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="55%" border=0>

  <TR>
    <TD vAlign=top width="1%"><STRONG><FONT size=2>B.</FONT></STRONG></TD>
    <TD vAlign=top width="1%"><STRONG><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></STRONG></TD>
    <TD vAlign=top width="97%"><STRONG><FONT size=2>Name of issuer of the
      securities held pursuant to the plan and the address of its principal
      executive office:</FONT></STRONG></TD></TR></TABLE></DIV>
<P align=center><B><FONT face=serif size=5>Enterprise Financial Services
Corp<BR></FONT></B><B><FONT face=serif size=2><BR>150 N. Meramec<BR>St. Louis,
Missouri 63105</FONT></B></P>
<P align=center><FONT face=serif size=2>________________ </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><I><FONT face=serif size=2>EFSC INCENTIVE SAVINGS
PLAN<BR>FINANCIAL STATEMENTS<BR></FONT></I></B><B><I><FONT face=serif size=2>DECEMBER 31, 2008 and 2007</FONT></I></B></P>
<P align=center><FONT face=serif size=2>(With Report of Independent Registered
Public Accounting Firm)</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="99%" colSpan=2><B><FONT face=serif size=2>CONTENTS</FONT></B> </TD></TR>
  <TR>
    <TD noWrap align=center width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>Report of Independent Registered Public Accounting
      Firm</FONT></B></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>1</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>Financial Statements</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Net
      Assets Available for Benefits</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>2</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Changes
      In Net Assets Available for Benefits</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>3</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial
      Statements</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>4 &#150; 9</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><B><FONT face=serif size=2>Supplementary Information</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Report of Independent Registered
      Public Accounting Firm on Supplementary</FONT></FONT></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Information</FONT></FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>10</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedule of Assets
      Held At End of Year</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>11</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>Signature</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>12</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="97%">&nbsp; </TD>
    <TD noWrap align=right width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="97%" bgColor=#c0c0c0><FONT face=serif size=2>Exhibit Index</FONT></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face=serif size=2>13</FONT></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P align=justify><FONT face=serif size=2>To the Audit Committee and Plan
Administrator<BR>EFSC Incentive Savings Plan</FONT></P>
<P align=justify><FONT face=serif size=2>We have audited the accompanying
statement of net assets available for benefits of the EFSC Incentive Savings
Plan (the Plan) as of December 31, 2008 and 2007, and the related statement of
changes in net assets available for benefits for the years then ended. These
financial statements are the responsibility of the Plan&#146;s management. Our
responsibility is to express an opinion on these financial statements based on
our audits.</FONT></P>
<P align=justify><FONT face=serif size=2>We conducted our audits in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Plan&#146;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.</FONT></P>
<P align=justify><FONT face=serif size=2>In our opinion, the financial
statements referred to above present fairly, in all material respects, the net
assets available for benefits of the Plan as of December 31, 2008 and 2007, and
the changes in net assets available for benefits for the years then ended, in
conformity with accounting principles generally accepted in the United States of
America. </FONT></P>
<P align=justify><FONT face=serif size=2>As discussed in Note 3 to the financial
statements, the Plan adopted Statement of Financial Accounting Standards (SFAS)
No. 157, </FONT><I><FONT face=serif size=2>Fair Value
Measurements</FONT></I><FONT face=serif size=2>, as of January 1,
2008.</FONT></P>
<P align=justify><FONT face=serif size=2>/s/ RubinBrown LLP<BR>St. Louis,
Missouri<BR>June 29, 2009</FONT></P>
<P align=center><FONT face=serif size=2>- 1 -</FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EFSC INCENTIVE SAVINGS
PLAN<BR></FONT></B><B><FONT face=serif size=2>STATEMENT OF NET ASSETS AVAILABLE
FOR BENEFITS </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="9%" colSpan=5><FONT face=serif size=2>December 31,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>2008</FONT></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>2007</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Assets:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>69,145</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>65,649</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at fair
      value</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Mutual funds</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>8,216,395</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>12,033,480</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Common/collective trust funds</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,151,060</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>712,296</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Common stock fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>991,856</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Common stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>1,863,252</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Participant loans</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>212,636</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>257,740</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total Investments</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>10,571,947</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>14,866,768</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face=serif>Receivables</FONT></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      <FONT face=serif>Employer matching contribution
    receivables</FONT></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>425,148</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>441,878</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="91%">&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face=serif size=2>Net Assets Available For Benefits</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      11,066,240</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      15,374,295</FONT></TD></TR></TABLE>
<P align=justify><FONT face=serif size=2>See the accompanying notes to financial
statements.</FONT></P>
<P align=center><FONT face=serif size=2>- 2 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>

<!-- PART B-->
<P align=center><B><FONT face=serif size=2>EFSC INCENTIVE SAVINGS PLAN
<BR>STATEMENT OF CHANGES IN NET ASSETS <BR></FONT></B><B><FONT face=serif size=2>AVAILABLE FOR BENEFITS </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0 style="border-collapse: collapse">

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=7><FONT face=serif size=2>Years ended December 31,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face=serif size=2>2008</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face=serif size=2>2007</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Additions:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Contributions</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Salary deferral
      contributions</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1,680,714</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1,739,486</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Employer matching
      contributions, net of forfeitures</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>425,148</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>441,878</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Participant rollover
      contributions</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>58,556</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>221,235</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total Contributions</FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>2,164,418</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>2,402,599</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total Additions</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2,164,418</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>2,402,599</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Deductions:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Benefits paid to participants</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>1,451,310</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>2,072,903</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Other expenses</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1,326</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>1,683</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total Deductions</FONT>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>1,452,636</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>2,074,586</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Investment (Loss) Income:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net change in fair value of
      investments</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>(5,491,615</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>(689,865</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Dividend income</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>418,389</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>830,602</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest income on common/collective trust
      funds</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>33,486</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>39,660</FONT> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest income on participant loans</FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>19,903</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>22,390</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net Investment (Loss)
      Income</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(5,019,837</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>202,787</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Net
      (Decrease) Increase</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(4,308,055</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>530,800</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Net
      Assets Available For Benefits - Beginning Of Year</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>15,374,295</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>14,843,495</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="92%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Net
      Assets Available For Benefits - End Of Year</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>11,066,240</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>15,374,295</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp; </TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>See the accompanying notes to financial
statements.</FONT><B><FONT face=serif size=2> </FONT></B></P>
<P align=center><FONT face=serif size=2>- 3 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EFSC INCENTIVE SAVINGS PLAN <BR>NOTES
TO FINANCIAL STATEMENTS <BR></FONT></B><B><FONT face=serif size=2>December 31,
2008 And 2007 </FONT></B></P>
<P align=justify><B><FONT face=serif size=2>NOTE 1 &#150; DESCRIPTION OF THE PLAN
<BR></FONT></B><FONT face=serif size=2>The following description of the EFSC
Incentive Savings Plan (the Plan) provides only general information.
Participants should refer to the Plan Agreement for a complete description of
the Plan&#146;s provisions. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>General <BR></FONT></I></B><FONT face=serif size=2>The Plan is a defined contribution plan, with a 401(k)
provision, covering all employees of Enterprise Financial Services Corp and its
wholly owned subsidiaries (excluding Millennium Brokerage Group, LLC)
(Enterprise) who are not seasonal employees and have attained the age of 21. It
is subject to the provisions of the Employee Retirement Income Security Act of
1974 (ERISA). On January 1, 2008, the Plan name was changed from Enterprise Bank
Incentive Savings Plan to EFSC Incentive Savings Plan.</FONT></P>
<P align=justify><FONT face=serif size=2>The Plan Administrator and Plan Sponsor
is Enterprise Financial Services Corp. The Plan Trustee is Enterprise Bank
Incentive Savings Plan Trustee Committee which is comprised of five employees of
Enterprise. The Plan Trustee meets twice per Plan year. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Contributions
<BR></FONT></I></B><FONT face=serif size=2>Participants may contribute from 1%
to 75% of eligible compensation to the Plan on a pre-tax basis. Enterprise may
also make an annual employer matching contribution which is discretionary and
determined by the Board of Directors of Enterprise. The employer matching
contribution, on behalf of each participant, will be a percentage of deferrals
up to the first 5% of the participant&#146;s compensation. Participants may also
contribute qualified rollover contributions representing distributions from
other qualified defined benefit or defined contribution plans. All contributions
are subject to applicable limits of the Internal Revenue Code. </FONT></P>
<P align=justify><FONT face=serif size=2>Employer matching contributions were
$460,023 and $486,145 for 2008 and 2007, respectively. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Vesting <BR></FONT></I></B><FONT face=serif size=2>Participants are immediately vested in their contributions,
including rollover contributions plus actual earnings thereon. Vesting in the
remainder of their accounts is based on years of service, as defined in the Plan
Agreement. Participants vest according to a five-year graded schedule and are
20% vested after one year of service and 100% vested after five years of
service, upon reaching early or normal retirement, upon total and permanent
disability or death.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Participant Accounts
<BR></FONT></I></B><FONT face=serif size=2>Each participant&#146;s account is
credited with the participant&#146;s contributions, the employer&#146;s matching
contributions and an allocation of the Plan&#146;s earnings. The allocation of
earnings is determined by the earnings of the participant&#146;s investment selection
based on each participant&#146;s balance, as defined in the Plan Agreement. The
benefit to which a participant is entitled is the benefit that can be provided
from the participant&#146;s vested account.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Payment of Benefits
<BR></FONT></I></B><FONT face=serif size=2>While actively employed, participants
may receive hardship withdrawals of their vested account balance, subject to
applicable regulations and approvals covering hardship withdrawals. Also,
participants age 65 and over may receive regular in-service distributions of
their vested accounts while actively employed. </FONT></P>
<P align=justify><FONT face=serif size=2>On termination of service, a
participant may elect to defer their distribution or, subject to appropriate
spousal consent, receive either a lump-sum distribution or a Qualified Joint and
Survivor Annuity equal to the participant&#146;s vested interest in their account.
Account balances less than $5,000 are generally distributed to an Individual
Retirement Arrangement (IRA) if the participant does not make a distribution
election. </FONT></P>
<P align=center><FONT face=serif size=2>- 4 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><B><I><FONT face=serif size=2>Forfeitures
<BR></FONT></I></B><FONT face=serif size=2>Participants forfeit the nonvested
portion of their accounts in the Plan upon termination of employment with
Enterprise. As described in the Plan, forfeitures are used to reduce future
employer matching contributions or administrative expenses of the Plan.
Forfeitures used to offset employer matching contributions amounted to $34,875
and $44,267 for the years ended December 31, 2008 and 2007, respectively.
</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Participant Loans
<BR></FONT></I></B><FONT face=serif size=2>Participants may borrow from their
fund accounts a minimum of $1,000 up to a maximum of $50,000 or 50% of their
vested account balance, whichever is less. Loan terms range from one month to
five years (longer for the purchase of a primary residence), at a mutually
agreed term between the participant and the Plan Administrator. The loans are
secured by the vested balance in the participant&#146;s account and bear interest at
a rate commensurate with local prevailing rates as determined by the Plan
Administrator. Principal and interest are paid through payroll deductions.
</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Administrative Expenses
<BR></FONT></I></B><FONT face=serif size=2>Substantially all administrative
expenses of the Plan are paid by Enterprise. </FONT></P>
<P align=justify><B><FONT face=serif size=2>NOTE 2 &#150; SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES </FONT></B></P>
<P align=justify><B><I><FONT face=serif size=2>Basis of Accounting
<BR></FONT></I></B><FONT face=serif size=2>The accompanying financial statements
are presented on the accrual basis of accounting. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Investment Valuation and Income
Recognition <BR></FONT></I></B><FONT face=serif size=2>The Plan&#146;s investments
are stated at fair value. Mutual funds are valued at quoted market prices.
Common/collective trust funds are reported at fair value. Common stock is valued
at the last reported sales price on the last day of the Plan year. Participant
loans are valued at cost, which approximates fair market value.</FONT></P>
<P align=justify><FONT face=serif size=2>The EFSC Common Stock Fund (the Fund)
was established on January 1, 2008 and is tracked on a unitized basis. The Fund
consists primarily of Enterprise Financial Services Corp (EFSC) common stock,
and also includes cash investments in the Charles Schwab Institutional Money
Market Fund sufficient to meet the Fund&#146;s daily liquidity needs. EFSC common
stock is traded on a national securities exchange (NASDAQ: EFSC). The value of a
unit reflects the combined market value of EFSC common stock and the cash
investments held by the Fund. At December 31, 2008, 152,786 units were
outstanding with a value of $6.49 per unit.</FONT></P>
<P align=justify><FONT face=serif size=2>Purchases and sales of securities are
recorded on a trade-date basis. Interest income is recorded on an accrual basis.
Dividends are recorded on the ex-dividend date.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Fair Value Measurements
<BR></FONT></I></B><FONT face=serif size=2>On January 1, 2008, the Plan adopted
Financial Accounting Standards Board (FASB) Statement No. 157, </FONT><I><FONT face=serif size=2>Fair Value Measurements</FONT></I><FONT face=serif size=2>,
and subsequently adopted certain related FASB staff positions. Refer to Note 3
for fair value measurements of the Plan&#146;s investments. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Estimates and Assumptions
<BR></FONT></I></B><FONT face=serif size=2>The preparation of financial
statements in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of additions to and deductions from net assets during the
reporting period. Actual results could differ from those estimates. </FONT></P>
<P align=justify><FONT face=serif size=2>As described in Financial Accounting
Standards Board Staff Position, </FONT><I><FONT face=serif size=2>FSP AAG INV-1
and SOP 94-4-1, Reporting of Fully Benefit&#150;Responsive Investment Contracts Held
by Certain Investment Companies Subject to the AICPA Investment Company Guide
and Defined-Contribution Health and Welfare and Pension Plans</FONT></I><FONT face=serif size=2> (the FSP), investment contracts held by a defined
contribution plan are required to be reported at fair value. </FONT></P>
<P align=center><FONT face=serif size=2>- 5 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>However, contract value is the relevant
measurement attribute for that portion of the net assets available for benefits
of a defined contribution plan attributable to fully benefit-responsive
investment contracts because contract value is the amount participants would
receive if they were to initiate permitted transactions under the terms of the
Plan. The FSP requires that the statement of net assets available for benefits
presents the fair value of the investment contracts as well as the adjustment of
the fully benefit-responsive investment contracts from fair value to contract
value. The adjustment to contract value is immaterial for 2008 and 2007. The
statement of changes in net assets available for benefits is prepared on a
contract-value basis. </FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Payment of Benefits
<BR></FONT></I></B><FONT face=serif size=2>Benefits are recorded when paid.
</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Reclassification
<BR></FONT></I></B><FONT face=serif size=2>Certain amounts in the 2007 financial
statements were classified, where appropriate, to conform to the 2008 financial
statement presentation. </FONT></P>
<P align=justify><B><FONT face=serif size=2>NOTE 3 &#150; INVESTMENTS
<BR></FONT></B><FONT face=serif size=2>The Plan&#146;s investments are held in a
qualified tax-exempt trust, managed by Charles Schwab Trust Company (the
Custodian). Participants can direct contributions to any of 20 investment
options offered by the Plan. On January 1, 2008, the Enterprise Financial
Services Corp common stock held in the Plan was converted to a unitized common
stock fund, the EFSC Common Stock Fund. </FONT></P>
<P align=justify><FONT face=serif size=2>Investments that represent 5% or more
of the Plan&#146;s net assets available for benefits at the beginning of each
respective Plan year are summarized as follows: </FONT></P>
<DIV align=center>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="13%" colSpan=9><FONT face=serif size=1>December 31,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>2008</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%"  colSpan=2><FONT face=serif size=1>2007</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Mutual funds:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>BlackRock Small Cap Growth Equity Portfolio
      - Institutional Share Class (added April 4, 2008)</FONT> </TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>458,529</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ><FONT size=1>$</FONT> </TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Cohen &amp; Steers Realty Shares, Inc.
      (added April 4, 2008)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>22,933</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>CRM Mid-Cap Value Fund - Institutional
      Shares</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>619,360</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,013,406</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Davis New York Venture Shares - Class A
      Shares</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>698,808</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,150,252</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Dodge and Cox Stock Fund</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>596,581</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>786,547</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>American Funds EuroPacific Growth Fund,
      Class A Shares</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,015,222</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,500,662</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>American Funds The Growth Fund of America,
      R4</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,128,326</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,722,866</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>PIMCO Total Return Fund - Administrative
      Class</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1,324,283</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1,356,432</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Third Avenue Small-Cap Value Fund</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>570,950</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>793,481</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Turner Mid-Cap Growth Fund, Investor Class
      Shares</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>469,672</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>826,850</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Trendstar Small-Cap Fund (removed April 4,
      2008)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>810,076</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Tweedy Browne Global Value Fund</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>533,837</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>761,745</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Vanguard 500 Index Fund, Signal
      Shares</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>777,894</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,311,163</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="87%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Common/collective trust funds:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Federated Capital Preservation Fund - ISP
      Share Class</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>763,479</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>712,296</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Schwab Managed Retirement Trust Income Fund
      Class III (added December 27, 2007)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Schwab Managed Retirement Trust 2010 Fund
      Class III (added December 27, 2007)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>27</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Schwab Managed Retirement Trust 2020 Fund
      Class III (added December 27, 2007)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>261,720</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Schwab Managed Retirement Trust 2030 Fund
      Class III (added December 27, 2007)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>92,530</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Schwab Managed Retirement Trust 2050 Fund
      Class III (added December 27, 2007)</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>26,409</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Schwab Managed Retirement Trust 2040 Fund
      Class III (added December 27, 2007)</FONT> </TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>6,895</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="87%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Common stock fund:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>EFSC Common Stock Fund</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>991,856</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=sans-serif size=1>**</FONT>&nbsp;
    </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" >&nbsp;</TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="87%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Common stock:</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>Enterprise Financial Services Corp (NASDAQ:
      EFSC)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,863,252</FONT> </TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>n**</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=1>(converted to the EFSC
      Common Stock Fund on January 1, 2008)</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="87%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="3%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face=serif size=1>Participant loans</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>212,636</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>257,740</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;
    </TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="90%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>n</FONT> </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD align=left width="97%"><FONT face=serif size=1>Nonparticipant directed
      investment</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>**</FONT> </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD align=left width="97%"><FONT face=serif size=1>Represented 5% or more of
      the Plan's net assets available for benefits.</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD align=left width="97%"><FONT face=serif size=1>All other amounts included
      for comparison purposes only.</FONT> </TD></TR></TABLE></DIV><BR>
<P align=center><FONT face=serif size=2>- 6 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The Plan&#146;s investments (including gains
and losses in investments bought and sold, as well as held during the year)
depreciated in value as follows for the years ended December 31: </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="80%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=7><FONT face=serif size=2>Years ended December 31,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face=serif size=2>2008</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face=serif size=2>2007</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Mutual funds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(4,729,595</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>105,916</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"><FONT face=serif size=2>Common/collective trust
      funds</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>(144,026</FONT> </TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%" bgColor=#c0c0c0><FONT face=serif size=2>Common stock fund and common stock</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(617,994</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(795,781</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="92%"></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2>(5,491,615</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(689,865</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif size=2>Information about the assets and the
significant components of the changes in assets relating to
nonparticipant-directed investments follows: </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"></TD>
    <TD noWrap align=center width="7%" colSpan=6><FONT face=serif size=2>For The Years</FONT>
</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="7%" colSpan=6><FONT face=serif size=2>Ended December 31,</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=3><FONT face=serif size=2>2008</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="3%" colSpan=2><FONT face=serif size=2>2007</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>Assets:</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Enterprise Financial Services Corp common
      stock, 0 and 78,255 shares,</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>respectively</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%"><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>1,863,252</FONT> </TD></TR>
  <TR>
    <TD noWrap align=left width="93%" >&nbsp;</TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="1%" ></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=right width="2%" ></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>Changes in assets:</FONT>
    </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Employer contributions</FONT> </TD>
    <TD noWrap align=left width="1%"><B><FONT face=serif size=2>$</FONT></B>
    </TD>
    <TD noWrap align=right width="1%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Net transfers to participants-directed
      investments</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(1,080,372</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Interest and dividend income</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="1%"><FONT face=serif size=2>14,682</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Benefits paid</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(179,568</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Depreciation in fair value of
      investments</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="1%"><FONT face=serif size=2>(617,994</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="1%" bgColor=#c0c0c0><FONT face=serif size=2>(1,863,252</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>)</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;
    </TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif size=2>On January 1, 2008, a common stock fund
containing Enterprise Financial Services Corp common stock was added as a
participant-directed investment. The Enterprise Financial Services Corp common
stock in the Plan as of December 31, 2007 was from company matches in 2001
through 2005. These shares were unitized and transferred to the common stock
fund on January 1, 2008. In 2007, the Plan implemented rules relating
to the Pension Protection Act of 2006, which required plans to allow participants the option to
diversify from employer stock. Prior to the creation of the EFSC Common Stock Fund, participants were not allowed to buy into the Enterprise
Financial Services Corp common stock in the Plan.</FONT></P>
<P align=justify><B><I><FONT face=serif size=2>Fair Value Measurements
<BR></FONT></I></B><FONT face=serif size=2>Effective January 1, 2008 the Plan
adopted FASB Statement No. 157, </FONT><I><FONT face=serif size=2>Fair Value
Measurement</FONT></I><FONT face=serif size=2>, (FAS 157) which establishes a
framework for measuring fair value. That framework provides a fair value
hierarchy that prioritizes the inputs to valuation techniques used to measure
fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (level 1 measurements) and
the lowest priority to unobservable inputs (level 3 measurements). The three
levels of the fair value hierarchy under FAS 157 are described below.</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD width="100%">
      <UL style="FONT-SIZE: 10pt; MARGIN-BOTTOM: 0px; TEXT-ALIGN: justify">
        <LI><FONT size=2><EM>Level 1 Inputs &#150; </EM><FONT face=serif>Inputs to
        the valuation methodology are unadjusted quoted prices for identical
        assets or liabilities in active markets that the Plan has the ability to
        access.</FONT></FONT></LI></UL></TD></TR>
  <TR>
    <TD width="100%">&nbsp;&nbsp; </TD></TR>
  <TR>
    <TD width="100%">
      <UL style="FONT-SIZE: 10pt; MARGIN-BOTTOM: -16px; TEXT-ALIGN: justify">
        <LI><FONT size=2><EM>Level 2 Inputs &#150;</EM><FONT face=serif> Inputs to
        the valuation methodology include:</FONT></FONT>
        <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify" type=disc>
          <LI style="MARGIN-LEFT: -20pt"><FONT face=serif size=2>Quoted prices
          for similar assets or liabilities in active markets;</FONT>
          <LI style="MARGIN-LEFT: -20pt"><FONT face=serif size=2>Quoted prices
          for identical or similar assets or liabilities in inactive markets;
          </FONT>
          <LI style="MARGIN-LEFT: -20pt"><FONT face=serif size=2>Inputs other
          than quoted prices that are observable for the asset or liability;
          </FONT>
          <LI style="MARGIN-LEFT: -20pt"><FONT face=serif size=2>Inputs that are
          derived principally from or corroborated by observable market data by
          correlation or other means.</FONT></LI></UL></LI></UL></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD width="100%">
      <UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
        <LI><FONT size=2><EM>Level 3 Inputs</EM><FONT face=serif> &#150; Inputs to
        the valuation methodology are unobservable and significant to the fair
        value measurement.</FONT></FONT></LI></UL></TD></TR></TABLE>


<P align=center><FONT face=serif size=2>- 7 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=justify><FONT face=serif size=2>The asset&#146;s or liability&#146;s fair value
measurement level within the fair value hierarchy is based on the lowest level
of any input that is significant to the fair value measurement. Valuation
techniques used need to maximize the use of observable inputs and minimize the
use of unobservable inputs. </FONT></P>
<P align=justify><FONT face=serif size=2>Following is a description of the
valuation methodologies used for assets measured at fair value. There have been
no changes in the methodologies used at December 31, 2008 and 2007. </FONT></P>
<UL style="FONT-SIZE: 10pt; TEXT-ALIGN: justify">
  <LI><FONT face=sans-serif size=2></FONT><FONT face=serif size=2>Mutual funds &#150;
  Valued at the net asset value (NAV) of shares held by the Plan at year end.
  </FONT>
  <LI><FONT face=serif size=2>Common/collective trust funds &#150; Valued at fair
  value with the exception of the Federated Capital Preservation Fund, which is
  stated at contract value. The contract value of the Federated Capital
  Preservation Fund closely approximated fair value.</FONT>
  <LI><FONT face=serif size=2>Common stock fund &#150; Valued at the closing price
  reported on the active market on which the individual securities are traded.
  </FONT>
  <LI><FONT face=serif size=2>Participant loans &#150; Valued at their outstanding
  balances, which approximates fair value. </FONT></LI></UL>
<P align=justify><FONT face=serif size=2>The methods described above may produce
a fair value calculation that may not be indicative of net realizable value or
reflective of future fair values. Furthermore, while the Plan Administrator
believes the valuation methods are appropriate and consistent with those used by
other market participants, the use of different methodologies or assumptions to
determine the fair value of certain financial instruments could result in a
different fair value measurement at the reporting date. </FONT></P>
<P align=justify><FONT face=serif size=2>The following table sets forth by
level, within the fair value hierarchy, the Plan&#146;s assets at fair value as of
December 31, 2008. </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="19%" colSpan=11><FONT face=serif size=2>Fair Value Measurements using Input Type</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>Level 1</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>Level 2</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>Level 3</FONT> </TD>
    <TD noWrap align=center width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=2>Total</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=2>Mutual funds</FONT>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8,216,395</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>&#151;</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>8,216,395</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=2>Common/collective trust
      funds</FONT> </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,151,060</FONT> </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=right width="3%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=2>1,151,060</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0><FONT face=serif size=2>Common stock fund</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>991,856</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2>991,856</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%"><FONT face=serif size=2>Participant loans</FONT>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><B><FONT face=serif size=2>&#151;</FONT></B> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>212,636</FONT> </TD>
    <TD noWrap align=left width="1%" ></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=2>212,636</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Total investments at fair value</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>8,216,395</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2,142,916</FONT> </TD>
    <TD noWrap align=left width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>212,636</FONT> </TD>
    <TD noWrap align=right width="1%"  bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>10,571,947</FONT>
  </TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face=serif size=2>The table below sets forth a summary of
changes in the fair value of the Plan&#146;s level 3 assets for the year ended
December 31, 2008. </FONT></P>
<DIV align=center>
<TABLE cellSpacing=0 cellPadding=0 width="75%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=3><FONT face=serif size=2>Level 3 Assets</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="15%" colSpan=3><FONT face=serif size=2>Participant Loans</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Balance at
      January 1, 2008</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD noWrap align=right width="13%" bgColor=#c0c0c0><FONT face=serif size=2><FONT size=3></FONT>257,740</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face=serif size=2>Issuances, repayments and settlements, net</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="13%"><FONT face=serif size=2>(45,104</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face=serif size=2>)</FONT> </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="84%" bgColor=#c0c0c0><FONT face=serif size=2>Balance at
      December 31, 2008</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=2>$</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="13%" bgColor=#c0c0c0><FONT face=serif size=2>212,636</FONT> </TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD></TR></TABLE></DIV><BR>
<P align=justify><B><FONT face=serif size=2>NOTE 4 &#150; PLAN TERMINATION
<BR></FONT></B><FONT face=serif size=2>Although it has not expressed intent to
do so, Enterprise has the right under the Plan to discontinue its contributions at any time and to terminate the Plan, subject to the
provisions of ERISA. In the event of Plan termination, participants will become
100% vested in their accounts. Enterprise may elect to have all assets
transferred to another qualified plan in which all participants who would have
otherwise received a distribution will have an interest, and each participant&#146;s
interest will be nonforfeitable as to amounts attributable to assets transferred
on his or her behalf. </FONT></P>
<P align=justify><B><FONT face=serif size=2>NOTE 5 &#150; INCOME TAX STATUS
<BR></FONT></B><FONT face=serif size=2>The Plan received a favorable
determination letter dated August 7, 2001 from the Internal Revenue Service
stating that the Plan, as designed, is in compliance with the applicable
requirements of the Internal Revenue Code. The Plan Sponsor amended and
restated the Plan effective January 1, 2003 by adopting the Retirement Plan
Services, LLC prototype document. The Plan Administrator believes that the Plan
is qualified and the related trust is tax-exempt.</FONT></P>
<P align=center><FONT face=serif size=2>- 8 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<PAGE>

<!-- PART C-->

<P align=justify><FONT face=serif size=2>Currently, the Plan Administrator is
working with the Plan&#146;s counsel to correct certain operational failures of the
Plan. The Plan Administrator will submit the corrections for approval through
the Internal Revenue Service&#146;s voluntary correction program. The Plan
Administrator believes that the corrective actions will maintain the tax
qualified status of the Plan and the related trust will continue to be
tax-exempt. </FONT></P>
<P align=justify><B><FONT face=serif size=2>NOTE 6 &#150; TRANSACTIONS WITH
PARTIES-IN-INTEREST <BR></FONT></B><FONT face=serif size=2>During 2008 and 2007,
the Plan purchased 87,635 and 7,024 EFSC common shares, respectively. The Plan
also sold or distributed a total of 24,244 and 20,203 EFSC common shares, during
2008 and 2007, respectively. All shares were bought or sold on the open market.
</FONT></P>
<P align=justify><FONT face=serif size=2>Enterprise owns a 10% membership
interest in Retirement Plan Services, LLC, the Plan&#146;s third-party
recordkeeper.</FONT></P>
<P align=justify><FONT face=serif size=2>The investment advisor for the Plan is
Moneta Group, a nationally recognized firm in the financial planning industry.
In 1997, Enterprise entered into a solicitation and referral agreement with Moneta Group. Certain Moneta Group employees have been granted stock options
under this referral agreement for EFSC common stock which can be exercised through 2013. The number of outstanding
stock options held by Moneta Group at December 31, 2008 was 91,001. There have been no stock options issued to Moneta
Group employees since 2003.</FONT></P>
<P align=center><FONT face=serif size=2>- 9 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM ON <BR>SUPPLEMENTARY INFORMATION</FONT></B></P>
<P align=justify><FONT face=serif size=2>Our audits were performed for the
purpose of forming an opinion on the basic financial statements taken as a
whole. The supplemental schedule of assets held at end of year is presented for
purposes of additional analysis and is not a required part of the basic
financial statements, but is supplementary information required by the
Department of Labor&#146;s Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. This supplemental schedule
is the responsibility of the Plan&#146;s management. The supplemental schedule has
been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
</FONT></P>
<P align=justify><FONT face=serif size=2>/s/ RubinBrown LLP <BR>St. Louis,
Missouri <BR>June 29, 2009 </FONT></P>
<P align=center><FONT face=serif size=2>- 10 - </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<PAGE>
<P align=center><B><FONT face=serif size=2>EFSC INCENTIVE SAVINGS PLAN
<BR>SUPPLEMENTAL SCHEDULE </FONT></B></P>
<P align=center><B><FONT face=serif size=2>EIN:
43-1706259&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PLAN: 001
<BR></FONT></B><B><FONT face=serif size=2>SCHEDULE OF ASSETS HELD AT END OF YEAR
<BR>December 31, 2008 </FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=center width="10%"><FONT face=serif size=1>Description of
      investment, including maturity date,</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="83%"><FONT face=serif size=1>Identity of issuer, borrower, lessor
      or similar party</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="10%"><FONT face=serif size=1>collateral and maturity
value</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="4%" colSpan=2><FONT face=serif size=1>Current Value</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Mutual funds:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BlackRock Small Cap Growth
      Equity Portfolio - Institutional Share Class</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face=serif size=1>$</FONT></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>458,529</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen &amp; Steers Realty
      Shares, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>22,933</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CRM Mid-Cap Value Fund -
      Institutional Shares</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>619,360</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Davis New York Venture Shares
      - Class A Shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>698,808</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dodge and Cox Stock
    Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>596,581</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds EuroPacific
      Growth Fund, Class A Shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,015,222</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Funds The Growth Fund
      of America, R4</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>1,128,326</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIMCO Total Return Fund -
      Administrative Class</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,324,283</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Avenue Small-Cap Value
      Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>570,950</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turner Mid-Cap Growth Fund,
      Investor Class Shares</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>469,672</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trendstar Small-Cap
    Fund</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tweedy Browne Global Value
      Fund</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>533,837</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vanguard 500 Index Fund,
      Signal Shares</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>777,894</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>8,216,395</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Common/collective trust funds:</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federated Capital Preservation
      Fund - ISP Share Class</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>763,479</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab Managed Retirement
      Trust Income Fund Class III</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&#151;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab Managed Retirement
      Trust 2010 Fund Class III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>27</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab Managed Retirement
      Trust 2020 Fund Class III</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>261,720</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab Managed Retirement
      Trust 2030 Fund Class III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"><FONT face=serif size=1>92,530</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab Managed Retirement
      Trust 2050 Fund Class III</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>26,409</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schwab Managed Retirement
      Trust 2040 Fund Class III</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%"><FONT face=serif size=1>6,895</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>1,151,060</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%"><FONT face=serif size=1>Common stock
      fund:</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EFSC Common Stock Fund *</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>991,856</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="83%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="10%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Participant loans</FONT></TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>Interest rates ranging from 5.00% to 10.00%;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="10%" bgColor=#c0c0c0><FONT face=serif size=1>Due at various dates through 2035</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>212,636</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="83%" bgColor=#ffffff>&nbsp; </TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="10%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="3%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="83%" bgColor=#c0c0c0><FONT face=serif size=1>Total Investments</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=left width="1%" bgColor=#c0c0c0><FONT face=serif size=1>$</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 2pt double" noWrap align=right width="3%" bgColor=#c0c0c0><FONT face=serif size=1>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,571,947</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="83%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR>
  <TR>
    <TD noWrap align=left width="83%">
      <P align=justify><FONT face=serif size=1>* Represents a party-in-interest
      to the Plan.</FONT></P></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=right width="3%"></TD></TR></TABLE><BR>
<P align=justify><FONT face=serif size=2>The above information is a required
disclosure for IRS Form 5500, Schedule H, Part IV, line 4i. </FONT></P>
<P align=center><FONT face=serif size=2>- 11 - </FONT></P>
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<PAGE>
<P align=center><B><FONT face=serif size=2>SIGNATURE</FONT></B></P>
<P align=justify><FONT face=serif size=2>Pursuant to the requirements of the
Securities Exchange Act of 1934, the Plan Trustees or other persons who
administer the employee benefit plan) has duly caused this annual report to be
signed on its behalf by the undersigned hereunto duly authorized. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="49%"><FONT face=serif size=2>Date: June 29,
      2009</FONT>&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>EFSC Incentive
      Savings Plan</FONT>&nbsp; </TD></TR>
  <TR>
    <TD noWrap align=left width="49%"></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><U><FONT face=serif size=2>/s/ Deborah
      N. Barstow</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Deborah N.
      Barstow</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Senior Vice
      President &amp; Controller</FONT>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="49%">&nbsp; </TD>
    <TD noWrap align=left width="50%"><FONT face=serif size=2>Enterprise
      Financial Services Corp</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 12 - </FONT></P>
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<PAGE>
<P align=center><B><FONT face=serif size=2>EXHIBIT INDEX </FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=center width="5%"><U><FONT face=serif size=2>Exhibit
      No.</FONT></U> </TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="93%" bgColor=#ffffff><U><FONT face=serif size=2>Description</FONT></U>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center width="5%" bgColor=#c0c0c0><FONT face=serif size=2>23</FONT> </TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face=serif size=2>Consent of Independent Registered Public Accounting
      Firm</FONT>&nbsp; </TD></TR></TABLE><BR>
<P align=center><FONT face=serif size=2>- 13 - </FONT></P>
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<TYPE>EX-23
<SEQUENCE>2
<FILENAME>exhibit23.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
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<P align=right><B><FONT face=serif size=2>Exhibit 23 </FONT></B></P>
<P align=center><B><FONT face=serif size=2>Consent of Independent Registered
Public Accounting Firm </FONT></B></P>
<P align=justify><FONT face=serif size=2>We hereby consent to the incorporation
by reference in the Registration Statement on Form S-8 (No. 333-148328) of
Enterprise Financial Services Corp of our reports dated June 29, 2009 relating
to the financial statements and supplemental schedule of EFSC Incentive Savings
Plan, which appear in this Form 11-K. </FONT></P>
<P align=justify><FONT face=serif size=2>/s/ RubinBrown LLP <BR>St. Louis,
Missouri <BR>June 29, 2009 </FONT></P>
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